Unimor Capital Corporation

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  • You Might Pay More Than Expected to Renew Your Mortgage…

    You Might Pay More Than Expected to Renew Your Mortgage…

    New accounting rules adopted by the banks mean they’re paying closer attention than ever before to your financial situation and your home’s value when you renew a mortgage. Mortgage renewals used to be utterly routine – a virtual rubber stamp. Now, if your credit score has taken a hit or your home has fallen in value, you might not qualify for the best available rates. The new accounting rules are called IFRS 9; IFRS stands for International Financial Reporting Standard. One effect of these rules is to cause banks to pay close attention to early warning signs that clients may run into trouble paying their mortgage.

    “Let’s say the bank has noticed that your credit score went from 750 to 580 and/or your loan-to-value ratio has gone way up,” said Robert McLister, founder of RateSpy.com. “Anything that worsens risk in a lender’s eyes is going to potentially warrant a higher rate at renewal.”

    Mortgage brokers estimate that anywhere from fewer than 5% to 15% of borrowers may be negatively affected by the new rules. The borrowers most vulnerable to getting an elevated mortgage rate are in expensive cities, such as Toronto and Vancouver, where young owners must juggle expensive mortgages and daycare if they have children. It’s difficult to track what banks are actually doing because there don’t yet appear to be any standardized policies. But mortgage brokers report that banks are in some cases doing soft credit checks, which means peeking at your credit file to see whether your credit score has worsened. Banks may also do appraisals on renewal to ensure that the ratio of the amount of your outstanding mortgage to the value of your home is declining as it should be.

    The risk of having to renew at higher rates just keeps growing for these and other lenders. Well-discounted five-year fixed-rate mortgages are close to one percentage point higher than they were last summer. Also, we’ve seen the emergence of a trend where mortgage rates today are higher for some people than others. For example, someone with a down payment of less than 20% now gets a rate that on average might be 0.35 of a point better than someone who puts down 20% or more. Below 20%, the borrower is required to pay for insurance that protects a lender against default.

    Mortgage stress tests for borrowers also influence rates. The stress tests are designed to see whether you can afford mortgage rates that are higher than current levels. If you’re renewing a mortgage and want to move to a new lender, you must be able to pass the stress test. If you can’t do that, you’re stuck with a current lender that has no need to offer you its best possible discount. Today’s reality of home ownership is that that those financial struggles of home ownership matter. If your credit score drops or your home falls in value, there can be consequences.

  • Simple Ways to Avoid Credit Card Fraud

    Simple Ways to Avoid Credit Card Fraud

    In today’s information age, your credit card information is at risk for theft. Fortunately, you can try to avoid credit card fraud by keeping your credit card information extra safe. Always be on guard for scammers who may try to trick you into giving up your credit card details. Below are 9 simple ways to avoid credit card fraud:

    1. Keep your credit cards safe.

    One of the simplest ways to avoid credit card fraud is by keeping your credit cards safe from thieves. Place your credit cards in a purse or wallet close to your body where it can’t easily be snatched away. If you’re shopping in a high traffic area, carry a smaller purse because it’s harder to steal or sneak into. For both men and women, carry only the one or two credit and debit cards you’ll be using that day. Leave all your other credit cards at home. Thieves can take pictures of your credit card with a camera or cell phone, so don’t leave your credit card exposed any longer than necessary. After you make a purchase put your credit card away immediately. Confirm you have your credit card back in your possession before you leave the store or restaurant.

    1. Shred anything with your credit card number on it.

    Don’t toss your credit card billing statements directly into the trash – they typically have your full credit card number printed on time. Shred them to keep dumpster divers from getting their hands on your credit card number. The same thing applies to old credit cards that have expired or been canceled.

    You can go a step further and put the shredded pieces in different trash bags for the extra eager thieves who might put shredded pages back together.

    1. Don’t sign blank credit card receipts.

    Always verify the amount on your credit card receipt before signing it. If you get a credit card receipt that has blank spaces in it, write $0 in those spaces or draw through them before putting your signature on the card. Otherwise, the cashier could write in an amount and send the purchase to your credit card issuer.

    1. Avoid giving out your credit card information.

    Only give your credit card number or other sensitive information on calls you initiate. Not only that, when you call your credit card issuer’s customer service, use the number on the back of your credit card. Don’t return calls to a phone number left on your answering machine or sent to you in an email or text message. It’s hard to be sure a scammer hasn’t left a fake number for you to call.

    Don’t give your credit card number to anyone who calls you requesting the number. Credit card thieves have been known to pose as credit card issuers and other businesses to trick you into giving out your credit card number.

    1. Be safe with your credit card online.

    Don’t click on email links from anyone that looks like your bank, credit card company, or other business who uses your personal information, even if the email looks legitimate. These links are often phishing scams and the scammers want to trick you into entering your login information on their fake website. Instead, go directly to that business’s website to login to your account. Make sure you’re cautious when you’re using your credit card online. Only enter your credit card number on secure websites that you can be 100% sure are legitimate. To be sure a website is secure, look for https:// in the address bar and lock in the lower right corner of your internet browser. Taking these extra steps will help you avoid credit card fraud.

    1. Report lost or stolen credit cards immediately.

    The sooner you report a missing credit card the sooner your credit card issuer can cancel your credit card and prevent fraudulent charges. Reporting your lost or stolen credit card as soon as possible lowers the likelihood that you’ll have to pay for any fraudulent charges made on your credit card. Write down your credit card companies’ customer service number now so you’ll have them if your credit cards are ever missing.

    1. Review your billing statements each month.

    Unauthorized charges on your credit card are the first sign of credit card fraud. If you notice a charge you didn’t make, no matter how small, report the charge to your credit card issuer immediately. Your credit card issuer will tell you whether you should close your account and get a new account number to avoid credit card fraud.

    1. Make strong passwords and keep them safe.

    Your credit card number may be stored in several places online. For example, you may save your credit card on Amazon, so you can make one-click purchases. Make sure you use strong passwords – a combination of upper- and lower-case characters, numbers, and even characters – and avoid writing or sharing your password.

    1. Check gas stations and ATMs for credit card skimmers.

    Credit card thieves sometimes place credit card skimming devices onto the credit card readers at gas pumps or ATMs. These skimmers capture and store your credit card information and credit card thieves come back later to get the device. Skimmers are placed on the regular credit card swipe, so if anything looks off about the place you’re swiping your credit card, go to another gas station or ATM.

     

  • 8 Things You’re Probably Wasting Your Money On

    8 Things You’re Probably Wasting Your Money On

    Is the cash in your wallet always mysteriously disappearing? Maybe you need to get a grip on your spending habits. Here are 8 things you’re probably wasting your money on:

    1. Specialty Drinks – That latte or cappuccino habit can add up. Give up the expensive coffees for a regular coffee (a “plain” coffee is under $2) and save a few dollars every day. Better yet, brew your own at home.

    2. DVD’s & CD’s – Sure, unwrapping that great new movie or getting the latest CD from your favorite artist is exciting, but you can buy used and save lots of money. Or just rent the DVD’s or purchase select tunes you like from iTunes.

    3. Using the Washer & Dryer Daily – Tossing just a few things in the washing machine and dryer every day? You’re “washing” water, energy and money right down the drain. Save on energy by running the washing machine only when it’s full. Go for a cold-water wash, and line-dry for optimal savings.

    4. Take-Out Lunches – If you spend even $10 a day on a lunch because you don’t brown-bag it, that’s $50 a week, and $200 a month. Can’t discipline yourself to make lunch every day? Cut back a few dollars by bringing your own drink or buying a less expensive item from the menu.

    5. Clothes You Don’t Need – That second pair of jeans, that second pair of strappy sandals… we’ve all been tempted to buy just one more item that’s nearly identical to something we already have in our closets. Three words: Don’t do it!

    6. Gas – You can do something to improve your fuel economy. Slow down a bit where possible, keep the heavy stuff out of the back of your car and open the windows instead of using the A/C.

    7. Brand-Name Groceries – Your beloved brand of cheese, cereal or can of soup likely does not taste exactly the same as a less expensive version. Fair enough. But there are some things you can probably scrimp on without noticing the difference, like mustard or ketchup, sugar, vinegar, flour, salt and other basics.

    8. Convenience Store Purchases – Gum. Tabloid magazines. Bags of chips. Cookies. If you’re dropping $20 a week at your corner store, consider cutting back on the impulse purchases and planning better through the week so that you don’t need that last-minute milk jug.

  • 5 Things You May Not Know About Mortgages

    5 Things You May Not Know About Mortgages

    How much of your payments go toward interest.

    Most mortgage payments are what they call blended payments, which combine repayments of the principal as well as the interest at once.  When you start paying off your mortgage, a significant part of your payments are going toward the interest, not the principal.  Over time, however, the principal of your loan decreases, which means that the amount you will owe in interest decreases as well.  As such, the portion of your payment that goes toward the interest will decrease over time, and the amount that goes toward the principal increases over time.  This is why additional lump sum payments make such a big difference when it comes to your mortgage; they go directly toward your principal, whereas your usual mortgage payments do not.

    Your current lender won’t always give you the best deal at renewal.

    Most homeowners renew their mortgage with the same lender that holds their current mortgage. No problem there – except that more than half of homeowners renewed their mortgages without negotiating different terms than what was presented to them in their renewal statement, according to a 2015 mortgage consumer survey.  Lenders are betting on the fact that you won’t want to switch lenders, and therefore aren’t bending over backwards to try and keep you.  That means that you can probably find better rates and/or more flexible terms elsewhere.  Don’t feel like shopping around?  Call your mortgage broker to do it for you.  Whether or not you used one for buying your home doesn’t mean that you can’t use them for refinancing.

    Lenders want your monthly housing costs to be less than 32% of your income.

    When your lender qualifies you for your mortgage, they use a system based on your reported and provable income as well as your debts.  They want to ensure that your monthly housing costs – including your mortgage, property taxes, heating, and condo fees, if applicable – don’t use more than 30-32% of what you’re brining in.  While this number is somewhat arbitrary and housing costs, incomes, and living expenses vary from one housing market to the next, if you don’t meet the criteria, then your mortgage application could be denied.

    Missing a mortgage payment doesn’t automatically mean foreclosure.

    It’s pretty obvious that missing a mortgage payment isn’t a good thing.  But life is full of unexpected surprises, and if you find yourself in a situation where you can’t come up with your mortgage payment one month, don’t throw your hands in the air and wait for the bank to issue an eviction notice.  Foreclosure proceedings are a lengthy process, and everyone, your lender included, wants to avoid them if at all possible.  So if you know you’re going to miss a mortgage payment, or if you already have, pick up the phone and call your lender.  You may be able to negotiate with them and figure out a new or interim payment plan to get you back on your feel, or maybe an early refinancing in order to lower your monthly payments.

    The posted rate isn’t always the best rate.

    Think of the posted rate as the opening offer in a negotiation.  Banks use the posted rate to provide a value proposition to their clients.  They often start with the posted rate and then offer discounts to preferred clients.  A savvy consumer needs to educate themselves and shop around.  Even if you get the secret or discounted rate, if you only get rates from one financial institution, you may still be paying a premium compared to other lenders.

  • 10 Spring Cleaning Tips

    10 Spring Cleaning Tips

    As the days get brighter, you’ll see dust and dirt that went unnoticed during winter. Luckily the long spring evenings are perfect for an extra bit of cleaning, and our top 10 spring cleaning tips will help get you going.

    1. Declutter First

    Every six months or so, you should take some time to declutter your home. Before your spring clean is an ideal time for this job. Gather any old, unwanted or broken items such as clothes, bed linen, books, toys, ornaments, and even furniture. Sort everything into piles for recycling, charity and storage. You’ll feel great after this therapeutic exercise, and your home will already be looking tidier.

    1. Prepare Your Kit

    Before you get down and dirty, make sure you have all the cleaning supplies you will need on hand. Essentials include rubber gloves, cloths, sponges, brushes, bleach, all-purpose cleaner, furniture and glass polish, garbage bags and paper towels.

    1. Work from the Top Down

    Always clean from the ceiling to the floor; first tidying, then dusting along the ceiling, light fixtures, pictures, etc…, finally vacuuming and mopping the floor when everything else in the room is done. This just makes sense because the earlier jobs will of course dirty the floor. You may also find it makes your work seem that bit easier and more productive if you finish either the downstairs or the upstairs completely before starting the other.

    1. Leave Windows for a Cloudy Day

    Wait for a cloudy day to wash your windows, as direct sunlight can dry windows too quickly leaving streaks behind.

    1. Don’t Forget the Fridge

    The best time to take on the task of cleaning your fridge and freezer is right before you do your grocery shopping, when the contents are at their lowest. Take everything out and dispose of any items that have passed their use-by date, and almost-empty items that you will never use. Look out for opened jars and bottles which state on the label that they should be used within a certain number of days after opening. Wipe down the interior of the fridge with a damp cloth and disinfectant. The same can be done for food cupboards if you think it’s needed.

    1. Cleaning Curtains & Blinds

    Curtains and blinds are usually neglected in routine cleaning sessions but can collect a surprising amount of dust and dirt. Some curtains can be machine washed or dry cleaned; always check the care label and follow the instructions provided. Most vacuum cleaners come with a small nozzle with a short brush built-in that is ideal for vacuuming curtains and fabric blinds. Remember to vacuum both sides to remove as much of the dust as possible. Steam cleaners are ideal for giving curtains and fabric blinds the most thorough clean. Wooden, metal or plastic blinds only need to be wiped down with a dry cloth, or with a suitable cleaner.

    1. The Best Oven Cleaning Method

    The oven is the heart of the kitchen, but months of roasting and baking can make it grimy and smelly. Begin by removing all racks and placing them in a mixture of hot water and either oven cleaning solution or dishwashing liquid. Allow them to soak while you clean the inside of the oven with oven cleaner. Always follow the manufacturer’s instructions when using oven cleaner, as it contains powerful chemicals. Scrub the racks clean, rinse and dry. Make sure to clean off all cleaning chemicals from the oven walls and racks before using your oven again.

    1. Mattress Cleaning & Care

    Remove all bedding and use a vacuum cleaner to remove dust and hair that has accumulated over time. Spot clean any stains with a stain remover and damp cloth. Sprinkle a light layer of baking soda over the mattress and let it sit for at least a couple of hours. The soda will absorb any moisture and leave your mattress smelling fresh. Remove the baking soda with a thorough vacuuming. Every three months, flip your mattress and switch it from head to foot and vice-versa to help it wear evenly and prolong its lifespan.

    1. Freshen up Your Rugs

    For a beautifully fresh smelling home, it is important to think of things like rugs which can really hold onto odours if not cleaned once or twice a year. Hang your rugs out on a washing line and use the handle of a sweeping brush to beat them. This will remove the bulk of the debris, dirt and dust that gets embedded in the fabric. Take the rugs back inside for a good vacuuming to remove any fine dust, before applying a carpet shampoo to get them like new again.

    1. Delegate!

    There are some jobs where you can put your feet up and let someone else do the work, safe in the knowledge that you’re doing the right thing. Examples include window washing and chimney cleaning. Spring is the ideal time for both, and sometimes specialist equipment, experience and skill is needed to reach those upstairs windows or the chimney pot.

  • How to Talk to Your Kids About Money

    How to Talk to Your Kids About Money

    When is the best time to talk to your kids about money? Right now! Your kids will learn about money from someone. Don’t let it be from an out-of-control celebrity on social media. You have the opportunity to be the positive example in their lives and the guiding voice they can trust. No, money isn’t a taboo subject, and no, your kids don’t need to be sheltered from financial matters. So buckle up and just have the talk already—or go deeper if you’ve only skimmed the surface. If you want to change your family tree, you’ve got to change your mind-set. Here are five tips on how to talk to your kids about money.

    1. Start slow.

    According to a 2017 T. Rowe Price survey, 69% of parents have some reluctance when it comes to talking about money with their children. And only 23% of kids say they talk with their parents frequently about money. There’s no need to schedule a five-hour lecture presentation to review bank account balances and retirement plan contributions. Start by simply answering your kids’ money questions at an age-appropriate level. You may be surprised at what they already know or what they need to know more about. Once they realize you’re open to these discussions, they may be more comfortable coming to you with money questions.

    1. Be honest.

    If you regret going into debt or not saving more for college, tell your kids. Parents so rarely have open, honest moments with their children. Kids can handle it—really. Instead of hiding your financial failures or covering it up when money is tight, tell your kids the truth. If you ran up debts in your past and had difficulty paying them back, share that. They’ll appreciate your openness and learn a valuable lesson about overspending.

    1. Talk values, not figures.

    If you’re hesitant about disclosing your salary and major expenses to your kids, don’t sweat it. The good news is your kids don’t really want (or need) to know that stuff. They need concepts like saving, budgeting, paying down debt, and giving. To help your kids get an idea of what real-world budgeting looks like, encourage them (when age-appropriate) to download a budgeting/money tracking app. They can use the tool to track spending habits and see just how far their money is going. Soon, establishing a budget will feel like second nature. And if they stick with it, they’ll be well ahead of the curve by the time they hit the college campus.

    1. Set family goals.

    Let your children sit in on and contribute to family budget committee meetings. Just remember you and your spouse are the adults. Only mom and dad make the final decisions. If you are paying off debt or saving for the future, let the kids join in as you celebrate reaching milestones along the way. As you set goals as a family, remind your kids that goals require sacrifice. That might mean skipping a vacation in order to cash-flow a car. But they’ll catch on, especially if they understand these sacrifices will affect their future as well.

    1. Learn about money together.

    Eventually you’ll touch on topics you may not completely ‘get’ yourself; like tax free savings accounts or RRSP’s. If you don’t feel fully knowledgeable on these topics, that’s okay! Admit you don’t have all the answers and do the research together to find ways of securing your future. It’s a great excuse to spend some time together. So go ahead and open up about the family finances, but keep it simple. Start the conversation, be honest, and teach and lead by example. Someday, your money-smart kids will be proud to follow in your big financial footsteps.

    Want more great tips on how to talk to your kids about money? Dave Ramsey and his daughter Rachel Cruze cover this and more in their best seller Smart Money Smart Kids!

     

     

  • The New 2018 Mortgage Rules

    The New 2018 Mortgage Rules

    What are the 3 new 2018 mortgage rules?

    It’s going to get a lot harder for some home buyers to get a mortgage in 2018. That’s because the Office of the Superintendent of Financial Institutions (OSFI, Canada’s banking regulator) introduced three new rules on mortgage lending that takes effect in 2018 and the new rules will hit first-time home buyers and those thinking of refinancing their homes the hardest.

    1. Stress Test
      Starting on January 1, 2018, the OSFI has set a new minimum qualifying rate, or ‘stress test’ for all prospective home buyers, even those with a down payment of over 20%. Before the new, tougher rule, only buyers that had a down payment of less than 20% had to make sure they could pass a stress test. Regardless of how much money you save for a down payment, if you don’t pass the new stress test, the bank won’t give you a mortgage.Under the new mortgage stress test, potential home buyers need to qualify for a mortgage at a rate that is the greater of two indicators: either 2% higher than the mortgage rate they qualified for, or the Bank of Canada’s 5 year benchmark rate, which is currently at 5.14%. Before the new stress test, home buyers or owners qualified at the rate offered by the lender. The actual mortgage payment will still be paid at the negotiated rate, but a higher calculation is used for qualifying purposes.
    2. Enhanced Loan-To-Value Measurements
      Traditional mortgage lenders (Canada’s big banks) need to ensure the Loan-To-Value (LTV) ratio remains “dynamic.” That means it needs to be adjusted to local market conditions. The OSFI insists that lenders (excluding private lenders) have internal risk management protocols in higher priced markets, like Toronto and Vancouver. A LTV ratio is a number that describes the size of a loan compared to the value of the property.Canada’s big banks use the LTV ratio to determine how risky a loan is; the higher the LTV ratio the greater the risk. For example, if property values decrease following a housing bubble, the LTV ratio could actually rise and be higher than the total value of the property. In which case, it’s quite possible that you have negative equity in the house.
    3. Restrictions Placed on Certain Arrangements to Avoid LTV Limits
      Mortgage lenders (again, this does not include private lenders) are not allowed to arrange a mortgage or other financial product with another lender that gets around the maximum LTV ratio or other limits placed on residential mortgages. If you apply for a mortgage with a LTV ratio of 80% and the lender can only approve you for 60%, in the past, the lender could partner with a second lender for the additional 20%, bundle it together to get a complete LTV loan of 80%. Traditional lenders cannot do this anymore.

    What does this mean for homebuyers and sellers?

    The three new mortgage rules that kick in as of January 1, 2018 will hurt the fastest growing segment of Canada’s mortgage market—uninsured mortgages. That’s one out of every six prospective homebuyers in the country.

    The strict stress test, which is meant to ensure borrowers can afford to pay their mortgage at a higher rate, is now being applied to all home buyers, even those with a down payment of 20% or more. Once the tests are in place, it is estimated that it could lower a family’s purchasing power by up to 21%.

    Economists say the stricter mortgage rules will also negatively impact softening housing markets across the country. It is expected the tougher mortgage rules, once fully implemented, will depress housing demand by up to 10%.

    If you’re a homebuyer and want to refinance a mortgage, the new mortgage lending rules will be a lot more difficult to negotiate.

    Should you be worried?

    If you’re a first-time home buyer, the stricter mortgage lending rules mean you might need to rent for a little longer or wait until your income increases before you can buy a home. Because the purchasing power does not go as far as it once did, first-time home buyers might need to consider something besides a detached house—a townhouse house or a condo. Or, first-time homebuyers may need to get a co-signer to qualify under the strict new rules.

    There are other options though. Keep in mind; the stricter mortgage lending rules only apply to those homebuyers looking to secure a mortgage with one of Canada’s federally regulated mortgage lenders, which does not apply to private mortgage lenders.

  • Budget Your Way to Your Financial Goals

    Budget Your Way to Your Financial Goals

    Budgeting really isn’t that bad. Here are six easy steps to achieving your financial dreams. With a new year just over the horizon, it’s time to make a few resolutions. If you haven’t yet crafted a budget, now is the time to do so for 2018.

    Regardless of whether you want to take a trip to Hawaii, buy a fancy new set of wheels or simply save more and spend less, a budget can get you there. Following are six steps to budgeting to your financial goals.

    Step 1: Set Your Goal

    What do you want to save your money for?

    • Go on a vacation
    • Buy a house
    • Have a security blanket in the bank
    • Merely pay the bills each month, with a little left over

    Budgeting can help with every one of these goals. In addition, having a concrete goal increases your chances of sticking to the budget. Some people even look for motivation by creating dream or vision boards with photos representing their goal.

    Step 2: Track Your Expenses

    Getting a handle on where you spend money is important for two reasons:

    • It can help identify leaks in your budget. These might include the $100 a month gobbled up by daily fast-food breakfasts.
    • It can help you make a realistic budget. If you are currently spending $800 a month on groceries, budgeting for $500 is probably setting yourself up for failure.

    The old-fashioned way to track expenses is to collect receipts and keep a log of every penny you spend for the next month. However, you can make the process simpler by signing up for a free account with Mint.com. This service tracks expenses automatically and neatly categorizes them for you. Best of all, it doesn’t cost a dime.

    Step 3: Write it Down

    Now that you’ve tracked expenses, use those amounts as a guide to create a written budget. Whether you use an online tool, an Excel spreadsheet or a notebook and pen is up to you. But you want to have the budget recorded in a location where it can be easily accessed and changed as needed.

    It’s a good idea to always estimate your income low and expenses high. It’s better to reach the end of the month and find you have extra money in the bank than to come up short. In addition, make sure to put a name to every dollar. Maybe you finish with the monthly bills and have $200 left over. Don’t leave that as a catch-all slush fund; decide what you’re going to do with it. Maybe $100 will go into an online savings account, $50 will be an extra debt payment and $50 will be mad money.

    Step 4: Monitor Your Progress

    Once you have it written down, don’t ignore your budget. Make a point of comparing your actual expenses with your budget on a regular basis, such as each payday.

    If you’re using Mint.com, it’ll be easy to quickly see how much you’ve spent so far in each category for the month. Then, you can make adjustments as necessary. For example, if you’re budgeting $50 for clothing and have spent $75, you’ll need not only to stop buying clothes, but also to make an adjustment elsewhere in your budget to make up for the extra $25.

    On the flip side, maybe it’s the last week of the month, and you haven’t spent a dime of your entertainment budget. In that case, it’s time to make a date and have some fun!

    Step 5: Get a Coach

    Maybe you’re feeling overwhelmed. A budgeting coach can help. Make sure to do your homework and find a reputable company to work with and ask about any fees. You should be able to get budgeting help for free.

    As an alternative, you can ask a money-savvy friend for help. In either case, having someone walk with you step-by-step through the budgeting process can help you make more sense of how to create a realistic spending plan for your money.

    Step 6: Stay Flexible

    Finally, your budget is a living document. Unlike your slow cooker, you shouldn’t set it and forget it. Instead, regularly evaluate it and make changes as necessary. Always blowing through the food budget? You may need to increase it and consider where else you can cut back. In addition, as your income, expenses or goals change, your budget should be adjusted to reflect your new circumstances.

    Ultimately, your budget is not about restricting money, it’s about empowering it. A good budget finally puts you in control of your dollars and allows you to dictate where money is going instead of letting silly, incidental purchases drain your bank account.

     

  • Business for Self? Get to Know Our Stated Income Product

    Business for Self? Get to Know Our Stated Income Product

    Get to Know Our Stated Income Product

    This program is designed for self-employed borrowers who are unable to provide traditional income verification but have a proven two year history of managing their finances responsibly. Eligible borrowers typically own a small business for a minimum of two years. In addition, the borrower is required to declare their income which should be reasonable based on the industry, length of operation and type of business.

    For Purchases Only
    Insured Stated Income 65-90% LTV

    To Apply – We Need to Know:

    • Income amount confirmed by your most recent Notice of Assessment
    • Stated gross annual business revenue
    • Business type/profession (e.g. landscaping, bookkeeping, etc…)
    • Ownership structure and the percentage of ownership (e.g. sole proprietor, partnership or incorporated)

    Borrower Qualifications:

    • Minimum 2 Years Business for Self
    • Most recent Notice of Assessment confirming no outstanding income tax arrears
    • Strong credit history
    • Income must be stated and reasonable based on industry, length of operation and type of business
    • Commission income is ineligible

    Documentation Requirements:

    Minimum 2 years self-employed confirmed by way of any one of the documentation below:

    • Articles of Incorporation
    • Business License
    • GST/HST Return
    • 2 years T1 Generals with Statement of Business Activities
    • Audited Financial Statements for the last 2 years
  • Your Fall Home Maintenance Checklist

    Your Fall Home Maintenance Checklist

    Your fall home maintenance checklist. Prepare your house and yard for the cold weather with this important list of things to do. Fall is a good time to take care of big home repair projects before shorter days (and in many areas, ice and snow) make outdoor work too difficult. And if you do live in an area with cold winters, take some time this fall to boost energy efficiency throughout your home and prevent damage from winter storms with proper tree care. Check these items off your list this season, and you can rest easy knowing that your home and yard are ready for winter.

    Tasks to Check Off Your List in Less Than a Day

    Stock up on winter supplies. If you live in a region with cold, snowy winters, fall is the time to prepare.

    • Check the condition of snow shovels and ice scrapers; replace as needed.
    • Pick up a bag of pet- and plant-safe ice melt, if needed.
    • Restock emergency kits for car and home.
    • If you use a snow blower, have it serviced and purchase fuel.

    Shut off exterior faucets and store hoses. Protect your pipes from freezing temperatures by shutting off water to exterior faucets before the weather dips below freezing. Drain hoses and store them indoors. Drain and winterize irrigation system, if using.

    Check walkways, railings, stairs and the driveway for winter safety. When the landscape is covered in ice and snow, just walking from the driveway to the front door can be a challenge. Make navigating around your home safer by checking that all stairs are in good shape and have sturdy railings, and that the driveway is in good repair to make for easier shoveling.

    Test outdoor lights and replace bulbs as needed. As the days get shorter we rely more on exterior lighting, both for safety and ambiance. Test lights on the front and back porch, on the garage and in the landscape, and replace bulbs as needed.

    Check safety devices. 

    • Test smoke detectors and carbon monoxide detectors; replace batteries as needed.
    • Check the expiration date on your fire extinguisher and replace if needed.
    • If you haven’t checked your home for radon, fall is a good time to do so — as the weather gets cooler and windows stay shut more often, radon is more likely to become trapped in your home.

    Vacuum radiators, baseboard heaters and grates. Get ready for heating season by clearing away dust and grime from radiators, baseboard heaters and heating grates. If your radiators have removable covers, take them off and vacuum beneath the cover before replacing.

    Tackle These To-Dos Over a Weekend

    Rake leaves. Leaves look beautiful blanketing the ground, but leaving too many leaves on a lawn over winter in a snowy area can inhibit spring growth. To make the job easier, choose a lightweight rake, wear gloves to protect your hands and use handheld “leaf scoops” to bag leaves quickly.

    Seal gaps where critters could enter. Mice need only a tiny gap to be able to sneak into your house and raid your pantry. And with colder weather coming, all of the little critters out there will be looking for warm places to make a home. Fill small holes and cover any larger gaps securely with heavy-duty hardware cloth to keep the wildlife outdoors.

    Care for trees and shrubs. It is important maintenance to trim the ‘dead’ out of trees. Trees are going dormant at this time, and are less likely to get a disease. Because trees are slowing growth in the fall, it’s not an ideal time to plant a new tree, as the roots may have trouble getting established.

    Deep-clean the kitchen. Take a day to tackle some of the more labor-intensive cleaning tasks, and keep your kitchen working efficiently and looking great:

    • Degrease the range hood and filter.
    • Clean the oven.
    • Clean light fixtures.
    • Wash the garbage can and recycling bins.
    • Clean small appliances.

    Add weather stripping. Weather stripping applied around the frames of windows and doors helps boost winter warmth and cut energy costs. Add door sweeps to the base of drafty doors to keep heat in and cold air out. If you’re feeling crafty, you can even make your own cozy draft stopper from an old flannel shirt, wool sweater or fleece blanket.

    Clean dryer vents. Lint buildup in dryer vents can make your dryer work less efficiently and even cause a fire — cool, dry fall weather increases static electricity, which can ignite lint that has built up, so now is a key time to get that lint out. You can hire a duct cleaning specialist to clean the vents for you, or clean the vent yourself. If you decide to do it yourself:

    Maintenance to Budget for This Month

    Make exterior repairs. Take a walk around your property, looking for signs of damage to the roof, siding and foundation. If you spot anything that needs repair, schedule it before winter weather hits.

    Clean gutters and downspouts. Once most of the leaves have fallen, clean out gutters and downspouts (hire a helper if you are not comfortable on a ladder). Clogged gutters during rainstorms can cause water to pool and damage your roof or siding.

    Conduct an energy audit. A trained auditor can assess your home’s current energy efficiency and give you a list of recommended improvements you can make, which may include upgrading to Energy Star appliances, adding insulation to the attic or beefing up weather stripping. You can also find instructions for a do-it-yourself energy audit at Energy.gov.

    Schedule a chimney cleaning and heating system maintenance. Making sure your chimney and furnace or boiler are cleaned, maintained and in working order before you need to turn on the heat is an important safety measure. And be sure to add a chimney cap if you don’t already have one — it will stop critters from crawling down your chimney!